Corporate CLO issuers, regardless of whether they are organized onshore or offshore, should generally be exempt from Corporate Transparency Act reporting requirements, although onshore CLO co-issuers will likely be subject to...more
In September 2023, the Structured Finance Association (SFA) published its ESG Best Practices for Auto Asset-Backed Securities (ABS) and Residential Mortgage-Backed Securities (RMBS) Disclosures. The industry-wide working...more
The US District Court for the Southern District of New York recently ruled in favor of issuers of residential mortgage-backed securities (RMBS) in a case that was a long-running challenge to the Employee Retirement Income...more
The U.S. commercial real estate market, valued at $20 trillion in 2021 by some estimates, touches nearly every facet of urban and suburban dwellers’ lives – from where they live (multi-family housing or apartment buildings)...more
On April 26, the U.S. Court of Appeals for the Second Circuit upheld the dismissal of three residential mortgage-backed securities lawsuits tied to losses incurred during the 2008 financial crisis. The plaintiffs, issuers of...more
On February 2, the U.S. Court of Appeals for the Eighth Circuit affirmed a district court order requiring a mortgage lender to pay $5.4 million in damages and $14 million in attorney’s fees for selling mortgages that did not...more
The Nutter Securities Enforcement Update is a periodic summary of noteworthy recent securities enforcement activity, settlements, decisions, and charges....more
The recent surge in residential mortgage buyback demands by Freddie Mac, among others, has a number of industry analysts bracing for a new wave of indemnification claims and put-back attempts against correspondent lenders and...more
A recent decision by the U.S. Court of Appeals for the Second Circuit has implications for whistleblowers under the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act” or “The Act”). In Hong v. SEC,...more
ESG securitisation has the potential to play a key role in achieving sustainable finance objectives in the European Union. There have been a number of regulatory developments and other advances in this area, including the...more
On March 17, 2022, the New York State Court of Appeals issued a significant decision affecting RMBS putback litigation governed by New York law. The decision, U.S. Bank National Association v. DLJ Mortgage Capital, 2022 WL...more
Last week, the U.S. District Court for the Southern District of New York dealt a major blow to mortgage investors in two parallel actions pending for the past few years. The impact proved to be fatal to one of the actions,...more
Tim Conduit and Isabel Tinsley assess the key ESG-related milestones in the securitisation market and more widely. They highlight some key features of ESG-compliant securitisations and share their views on significant future...more
If you thought Lehman Brothers Holdings Inc. (“LBHI”) was done suing lenders as a result of its settlements with RMBS trustees years ago, think again. ...more
Bumble hit markets on Thursday with considerable buzz, and markets validated that love, with company shares opening a mind-boggling $33 above its already-increased offering price. ...more
The Commercial Mortgage Market Since the Covid-19 Pandemic - The COVID-19 pandemic has caused disruption to many facets of what was once everyday life. As Americans sheltered in place, brick-and-mortar retail shopping and...more
One would think that, as we approach 2021, litigation related to residential mortgage loans originated and sold well over a decade ago would be ancient history. Nevertheless, some suits filed years ago remain active, and,...more
Residential mortgage-backed securities offerings prior to 2008 gave rise to an abundance of litigation, some of which continues to this day. There may be reason to anticipate an increase in commercial mortgage-backed...more
In his remarks this week to the Economic Club of New York, Securities and Exchange Commission Chair Jay Clayton reviewed the many rulemaking and other accomplishments of the SEC in recent years. Following the impressive...more
The Morgan Lewis Year in Review highlights key US Securities and Exchange Commission (the SEC or the Commission) and Financial Industry Regulatory Authority (FINRA) enforcement and examination developments, and cases...more
The National Association of Insurance Commissioners (NAIC) Statutory Accounting Principles Working Group (SAPWG) met remotely on July 30, as part of the NAIC’s all-virtual 2020 Summer National Meeting....more
The concept of default-rate interest — interest that accrues on a debt at a higher-than-normal rate if the debtor defaults on terms of the underlying financial instrument — is well known. Default-rate duties, however, may be...more
A surge in repurchase claims against mortgage originators may be imminent as aggregators and servicers face nonpayment of debt obligations and liquidity shortfalls resulting from an increase in residential mortgage loans put...more
The Senate has passed a $484 billion measure that would add $130 billion to the Paycheck Protection Program, the “small-business loan program that ran out of funding last week after being deluged with applications.” The bill...more
The global market for credit is estimated to be more than $200 trillion, approximately three times larger in aggregate than the global equity market. It consists of bank loans, sovereign and sub-sovereign debt, corporate...more